Vistin Pharma ends Q3 2019 with revenue up 31%, and goes to net gain vs loss in Q3 2018

Vistin Pharma posted net financial gain for the third quarter NOK 68.1 million (€6.68M), compared to a net loss of NOK 4.3 million in the same period last year, resulting with the net financial gain for the quarter primarily relates to an unrealised gain on oil derivatives of NOK 66.7 million.

The Norwegian pharmaceutical producer of Active Pharmaceutical Ingredients (APIs) and direct compressible granulates (DC) ended the third quarter of 2019, with an increase in revenue of 31%.

Total sales revenue in the third quarter was NOK 67.9 million, compared to NOK 51.7 million in the same quarter of 2018. Metformin API volumes sold for the quarter were 930MT, compared to 813MT in the same quarter last year, the company said in its Q3 2019 report.

As far as outlook goes, the company noted that, diabetes is one of the largest global health crises of the 21st century, and the metformin business is expected continue to grow by 4-5% annually, as it remains the gold-standard treatment of type 2 diabetes.

The majority of Vistin Pharma’s key customers are pharmaceutical companies that sell new and innovative metformin products, and the demand for Vistin’s metformin will be partially dependent on the market performance of these products, the company said.